PERTH (miningweekly.com) – Junior Canyon Resources has raised A$4-million through a share placement to sophisticated and professional investors to fund a prefeasibility study (PFS) at its Minim Martap bauxite project, in Cameroon.
The company placed 25-million shares, at a price of 16c each, to raise the capital, with the placement conducted under Canyon’s existing placement capacity.
MD Phillip Gallagher said on Tuesday that the company was now fully funded to complete the PFS and move the tier-one Minim Martap project into the next stage of development.
The project currently has a Joint Ore Reserve Committee-compliant mineral resource estimate of 550-million tonnes, at 45.5% aluminium oxide and 2.06% silicon dioxide, over two main deposits on an exploration permit covering 1 349 km2.